Beat butter and cream cheese at medium speed with an electric mixer for 2 minutes or until creamy; gradually add sugar, beating until mixture is light and fluffy. Add eggs, 1 at a time, beating until combined. Add vanilla extract, and beat just until blended.
Combine flour and salt in a small bowl; gradually add to butter mixture, beating at low speed just until blended after each addition. Pour batter into a greased (with shortening) and floured 10-inch tube pan.
Bake at 300° for 1 hour and 25 to 30 minutes or until a wooden pick inserted in center comes out clean. Cool cake pan on a wire rack 10 to 15 minutes; remove from pan, and let cool completely on wire rack (about 1 hour).
For a fun twist on this traditional cake, you can add so many different toppings or ingredients to the batter. Make it a vanilla bean, strawberry, blueberry, peach, chocolate, apple or lemon pound cake by making some simple additions. Top with fruit, crumbles, brown butter or brown sugar glaze.
This is the best cake I have ever made. Super moist on the inside with a light brown crust on the outside. I didn't change anything, I think the key is to beat the cream cheese, butter, and sugar until it is light and fluffy, at least 5 minutes. It is best after refrigeration overnight. It can be dressed up with fruit and whip cream but really doesn't need anything extra. My husband begs me to make this so he can put his serving of nightly ice cream on top of it!
If you follow the instructions precisely, you won't go wrong with this one! It looks AND taste juuust like the picture. Only 1 piece of advice, but not totally necessary, use 2 and 3/4 cups of sugar instead of 3. It was a bit sweet, so this adjustment won't take away ANYTHING.